Oil and Gas Reserves and Economic Growth in Nigeria (1981 – 2015): Matters Arising

Daferighe Emmanuel Emeakponuzo; Emah Joseph Alfred; Offiong Patience Etim

doi:doi:10.11648/j.ajere.20170202.15

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Oil and Gas Reserves and Economic Growth in Nigeria (1981 – 2015): Matters Arising

Daferighe Emmanuel Emeakponuzo, Emah Joseph Alfred, Offiong Patience Etim

Published in American Journal of Environmental and Resource Economics (Volume 2, Issue 2)

Received: 15 January 2017 Accepted: 29 January 2017 Published: 22 March 2017

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Abstract

Nigeria had over the years depended on oil and gas reserves for economic growth and development. With the dwindling oil prices, economic growth of Nigeria has been depressed. However, the focus of this research was to examine Oil and Gas reserves and economic growth in Nigeria. Specifically, this paper determined the relationship between oil export and economic growth in Nigeria for a period of 35 years (1981 - 2015). Secondary data were obtained from CBN statistical bulletin. Multiple regression analysis was used to determine the relationship of oil and gas revenue; oil and gas export; exchange rate and economic growth proxy by Real Gross Domestic Product (RGDP). Also, Stepwise regression was employed to isolate the relationship between the independent variables and the dependent variable. The result of the data analysis showed that oil and gas export and exchange rate have a positive relationship with economic growth while oil and gas revenue is negatively related to RGDP. It was recommended among others that Security should be put in the high sea where crude oil products are usually smuggled; this will help to reduce the loss from illegal export of crude oil products from Nigeria. The Nigerian National Petroleum Corporation (NNPC) should diversify its export baskets through downstream production; this will enhance the refining of petroleum products for exports.

Published in	American Journal of Environmental and Resource Economics (Volume 2, Issue 2)
DOI	10.11648/j.ajere.20170202.15
Page(s)	90-95
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

RGDP, Oil and Gas Revenue, Oil Export and Exchange Rate, Economic Growth

References

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[3]	Domar, E. (1946). Capital expansion, rate of growth, and employment. Econometrica 14 (2): 137–147. JSTOR 1905364.
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[5]	Kenney, J. F. (1996). Considerations about recent predictions of impending shortages of petroleum evaluated from the perspective of modern petroleum science. Energy World 240: 16 -18.
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[7]	Oladele, R. & Aderemi, A. A. (2013). Revenue generation and transparency in Nigerian oil and gas industry: Position of Nigeria Extractive Industries Transparency Initiative (NEITI). Research Journal of Finance and Accounting, 4 (6): 99–114.
[8]	Poston, S. W., Berry, P. & Molokwu, F. W. (2005). Meren Field – The geology and reservoir characteristics of a Nigerian offshore field. Paper SPE 10344 presented at the 1981 SPE Annual Technical Conference and Exhibition, San Antonio, Oct. 5-7.
[9]	Robinson, R. (1966). The origins of petroleum. Nature 212: 1291-1295.
[10]	Sachs, J. A. & Warner, R. (1997). To Bayes or not to Bayes. Geophysics (July/August 1997) 62 (4) 1045.
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[13]	Tsatskin, A., & Balaban, G. (2008). The Nigerian National Petroleum Corporation and the Development of Oil and Gas Industry: History, Strategies and Current Directions. Report Prepared in Conjunction with the Energy study sponsored by Japan Petroleum Energy Center and the James A. Baker III Institute for Public Policy at Rice University.
[14]	Yakubu, M. U. (2008). The impact of oil on Nigeria economy: The boom and bust cycles. CBN Bulletin vol. 32 (2).

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Daferighe Emmanuel Emeakponuzo, Emah Joseph Alfred, Offiong Patience Etim. (2017). Oil and Gas Reserves and Economic Growth in Nigeria (1981 – 2015): Matters Arising. American Journal of Environmental and Resource Economics, 2(2), 90-95. https://doi.org/10.11648/j.ajere.20170202.15

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ACS Style

Daferighe Emmanuel Emeakponuzo; Emah Joseph Alfred; Offiong Patience Etim. Oil and Gas Reserves and Economic Growth in Nigeria (1981 – 2015): Matters Arising. Am. J. Environ. Resour. Econ. 2017, 2(2), 90-95. doi: 10.11648/j.ajere.20170202.15

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AMA Style

Daferighe Emmanuel Emeakponuzo, Emah Joseph Alfred, Offiong Patience Etim. Oil and Gas Reserves and Economic Growth in Nigeria (1981 – 2015): Matters Arising. Am J Environ Resour Econ. 2017;2(2):90-95. doi: 10.11648/j.ajere.20170202.15

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@article{10.11648/j.ajere.20170202.15,
  author = {Daferighe Emmanuel Emeakponuzo and Emah Joseph Alfred and Offiong Patience Etim},
  title = {Oil and Gas Reserves and Economic Growth in Nigeria (1981 – 2015): Matters Arising},
  journal = {American Journal of Environmental and Resource Economics},
  volume = {2},
  number = {2},
  pages = {90-95},
  doi = {10.11648/j.ajere.20170202.15},
  url = {https://doi.org/10.11648/j.ajere.20170202.15},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajere.20170202.15},
  abstract = {Nigeria had over the years depended on oil and gas reserves for economic growth and development. With the dwindling oil prices, economic growth of Nigeria has been depressed. However, the focus of this research was to examine Oil and Gas reserves and economic growth in Nigeria. Specifically, this paper determined the relationship between oil export and economic growth in Nigeria for a period of 35 years (1981 - 2015). Secondary data were obtained from CBN statistical bulletin. Multiple regression analysis was used to determine the relationship of oil and gas revenue; oil and gas export; exchange rate and economic growth proxy by Real Gross Domestic Product (RGDP). Also, Stepwise regression was employed to isolate the relationship between the independent variables and the dependent variable. The result of the data analysis showed that oil and gas export and exchange rate have a positive relationship with economic growth while oil and gas revenue is negatively related to RGDP. It was recommended among others that Security should be put in the high sea where crude oil products are usually smuggled; this will help to reduce the loss from illegal export of crude oil products from Nigeria. The Nigerian National Petroleum Corporation (NNPC) should diversify its export baskets through downstream production; this will enhance the refining of petroleum products for exports.},
 year = {2017}
}

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TY  - JOUR
T1  - Oil and Gas Reserves and Economic Growth in Nigeria (1981 – 2015): Matters Arising
AU  - Daferighe Emmanuel Emeakponuzo
AU  - Emah Joseph Alfred
AU  - Offiong Patience Etim
Y1  - 2017/03/22
PY  - 2017
N1  - https://doi.org/10.11648/j.ajere.20170202.15
DO  - 10.11648/j.ajere.20170202.15
T2  - American Journal of Environmental and Resource Economics
JF  - American Journal of Environmental and Resource Economics
JO  - American Journal of Environmental and Resource Economics
SP  - 90
EP  - 95
PB  - Science Publishing Group
SN  - 2578-787X
UR  - https://doi.org/10.11648/j.ajere.20170202.15
AB  - Nigeria had over the years depended on oil and gas reserves for economic growth and development. With the dwindling oil prices, economic growth of Nigeria has been depressed. However, the focus of this research was to examine Oil and Gas reserves and economic growth in Nigeria. Specifically, this paper determined the relationship between oil export and economic growth in Nigeria for a period of 35 years (1981 - 2015). Secondary data were obtained from CBN statistical bulletin. Multiple regression analysis was used to determine the relationship of oil and gas revenue; oil and gas export; exchange rate and economic growth proxy by Real Gross Domestic Product (RGDP). Also, Stepwise regression was employed to isolate the relationship between the independent variables and the dependent variable. The result of the data analysis showed that oil and gas export and exchange rate have a positive relationship with economic growth while oil and gas revenue is negatively related to RGDP. It was recommended among others that Security should be put in the high sea where crude oil products are usually smuggled; this will help to reduce the loss from illegal export of crude oil products from Nigeria. The Nigerian National Petroleum Corporation (NNPC) should diversify its export baskets through downstream production; this will enhance the refining of petroleum products for exports.
VL  - 2
IS  - 2
ER  -

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Author Information

Daferighe Emmanuel Emeakponuzo

Department of Accounting, University of Uyo, Uyo, Nigeria
Emah Joseph Alfred

Department of Accounting, University of Uyo, Uyo, Nigeria
Offiong Patience Etim

Department of Accounting, University of Uyo, Uyo, Nigeria

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APA Style

Daferighe Emmanuel Emeakponuzo, Emah Joseph Alfred, Offiong Patience Etim. (2017). Oil and Gas Reserves and Economic Growth in Nigeria (1981 – 2015): Matters Arising. American Journal of Environmental and Resource Economics, 2(2), 90-95. https://doi.org/10.11648/j.ajere.20170202.15

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ACS Style

Daferighe Emmanuel Emeakponuzo; Emah Joseph Alfred; Offiong Patience Etim. Oil and Gas Reserves and Economic Growth in Nigeria (1981 – 2015): Matters Arising. Am. J. Environ. Resour. Econ. 2017, 2(2), 90-95. doi: 10.11648/j.ajere.20170202.15

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AMA Style

Daferighe Emmanuel Emeakponuzo, Emah Joseph Alfred, Offiong Patience Etim. Oil and Gas Reserves and Economic Growth in Nigeria (1981 – 2015): Matters Arising. Am J Environ Resour Econ. 2017;2(2):90-95. doi: 10.11648/j.ajere.20170202.15

Copy | Download

@article{10.11648/j.ajere.20170202.15,
  author = {Daferighe Emmanuel Emeakponuzo and Emah Joseph Alfred and Offiong Patience Etim},
  title = {Oil and Gas Reserves and Economic Growth in Nigeria (1981 – 2015): Matters Arising},
  journal = {American Journal of Environmental and Resource Economics},
  volume = {2},
  number = {2},
  pages = {90-95},
  doi = {10.11648/j.ajere.20170202.15},
  url = {https://doi.org/10.11648/j.ajere.20170202.15},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajere.20170202.15},
  abstract = {Nigeria had over the years depended on oil and gas reserves for economic growth and development. With the dwindling oil prices, economic growth of Nigeria has been depressed. However, the focus of this research was to examine Oil and Gas reserves and economic growth in Nigeria. Specifically, this paper determined the relationship between oil export and economic growth in Nigeria for a period of 35 years (1981 - 2015). Secondary data were obtained from CBN statistical bulletin. Multiple regression analysis was used to determine the relationship of oil and gas revenue; oil and gas export; exchange rate and economic growth proxy by Real Gross Domestic Product (RGDP). Also, Stepwise regression was employed to isolate the relationship between the independent variables and the dependent variable. The result of the data analysis showed that oil and gas export and exchange rate have a positive relationship with economic growth while oil and gas revenue is negatively related to RGDP. It was recommended among others that Security should be put in the high sea where crude oil products are usually smuggled; this will help to reduce the loss from illegal export of crude oil products from Nigeria. The Nigerian National Petroleum Corporation (NNPC) should diversify its export baskets through downstream production; this will enhance the refining of petroleum products for exports.},
 year = {2017}
}

Copy | Download

TY  - JOUR
T1  - Oil and Gas Reserves and Economic Growth in Nigeria (1981 – 2015): Matters Arising
AU  - Daferighe Emmanuel Emeakponuzo
AU  - Emah Joseph Alfred
AU  - Offiong Patience Etim
Y1  - 2017/03/22
PY  - 2017
N1  - https://doi.org/10.11648/j.ajere.20170202.15
DO  - 10.11648/j.ajere.20170202.15
T2  - American Journal of Environmental and Resource Economics
JF  - American Journal of Environmental and Resource Economics
JO  - American Journal of Environmental and Resource Economics
SP  - 90
EP  - 95
PB  - Science Publishing Group
SN  - 2578-787X
UR  - https://doi.org/10.11648/j.ajere.20170202.15
AB  - Nigeria had over the years depended on oil and gas reserves for economic growth and development. With the dwindling oil prices, economic growth of Nigeria has been depressed. However, the focus of this research was to examine Oil and Gas reserves and economic growth in Nigeria. Specifically, this paper determined the relationship between oil export and economic growth in Nigeria for a period of 35 years (1981 - 2015). Secondary data were obtained from CBN statistical bulletin. Multiple regression analysis was used to determine the relationship of oil and gas revenue; oil and gas export; exchange rate and economic growth proxy by Real Gross Domestic Product (RGDP). Also, Stepwise regression was employed to isolate the relationship between the independent variables and the dependent variable. The result of the data analysis showed that oil and gas export and exchange rate have a positive relationship with economic growth while oil and gas revenue is negatively related to RGDP. It was recommended among others that Security should be put in the high sea where crude oil products are usually smuggled; this will help to reduce the loss from illegal export of crude oil products from Nigeria. The Nigerian National Petroleum Corporation (NNPC) should diversify its export baskets through downstream production; this will enhance the refining of petroleum products for exports.
VL  - 2
IS  - 2
ER  -

Copy | Download